Credit union trust is not translating into top-of-wallet card usage

What changed

New coverage of the July PYMNTS Intelligence and Velera study found that 61% of credit union account holders consider their credit union their primary financial institution, but only 48% make their credit union card top of wallet, compared with 69% of national bank cardholders. Rewards and incentives influence card usage for 44% of credit union members with a payment card.

Loyalty and rewards implications

Credit unions have already earned trust, but trust alone is not producing transaction share. Loyalty programs should be measured against top-of-wallet status, deposit growth, product depth, and recurring activity, not only points issued or redemptions. Financial institutions need enterprise-wide incentives that connect card spend with direct deposit, savings, referrals, and broader relationship growth.